Kenyan-based electric mobility pioneer, Roam, is accelerating its mission to revolutionize transportation in Africa after securing $24 million in equity and debt through series A funding.
The Series A funding round was led by Equator Africa. It includes investments from At One Ventures, TES Ventures, Renew Capital, The World We Want, and One Small Planet, among other prominent private and institutional investors. Additionally, through the International Development Finance Corporation (DFC), the U.S. Government committed to provide Roam with an up to $10 million debt facility.
This landmark funding signifies a major step forward for Roam. Currently, the company designs, develops, and deploys electric motorcycles and buses specifically built for millions of consumers across Africa.
Also Read: BasiGo e-Mobility Start Up Secures $1.5 Million from USAID
Roam achievements in Kenya
Roam has disrupted the electric motorcycle market in Kenya. It has provided greater flexibility and the option of battery ownership to its riders. This allows users to charge their batteries at a standard household outlet. At the same time, reducing their cost of operations whilst increasing the ability to travel longer distances.
In addition, Roam is further increasing the utility of its motorcycles to riders through the deployment of Roam Hub stations. This stations are multi-purpose open-architecture electric motorcycle charging stations. They offer a wide array of after-sales services. On the other hand, they include the option to rent additional batteries for a flexible period.
Key Partners Insight’s
Roam’s innovative vehicles, durable construction, and affordability make them a viable and sustainable alternative to traditional petrol-powered options.
“DFC is proud to support initiatives like Roam that align with our commitment to fostering innovation and sustainability
This significant transaction will support the expansion of Roam’s electric mobility offerings and resonates with our goals for a cleaner future,” said James Polan, Vice President of the Office of Development Credit at DFC.
At the same time, Nijhad Jamal, Partner at Equator, stated,
“At Equator, we are committed to building a future with efficient, accessible, and sustainable mobility.
Kenyan Start-up, Roam’s innovative electric mobility platform is at the forefront of this transformation, and we are proud to provide catalytic funding that will enable Roam to build a cleaner, more equitable future for African cities,”
Also Read: Kenyan Start Up Secures $1 Million In Seed Funding
Investment Plans for Roam
Likewise, funds from this round will be invested in expanding local manufacturing capabilities in Kenya, scaling up production at the new 10,000 sqm Roam Park facility, investing in research and tooling for cost efficiencies, and streamlining local and global supply chain networks.
These efforts align with Roam’s long-term goal of transitioning the transport sector across Africa to effective and affordable electric vehicles. Likewise, leveraging locally sourced parts and existing large-scale manufacturing infrastructure.
To date, the Kenyan Start-up has managed to capture or mitigate over 120,000 tonnes of carbon emissions. This marks a significant milestone in its commitment to innovative electric transport solutions.
About Equator
Equator is a venture capital firm with teams in Nairobi, Lagos, London, and Colorado.
On the other hand, Equator targets technology-enabled, early-stage ventures in energy, agriculture and mobility that are accelerating an equitable climate transition in Sub-Saharan Africa.
More so, ventures that are supporting inclusive economic growth.
Likewise, It has partnered with British International Investment (BII), the Global Energy Alliance for People and Planet (GEAPP), UK charity Shell Foundation and impact investor DOEN Participaties.
At the moment, Equator is backed by a team of technologists, operators, and investors with decades of experience investing in and scaling early-stage ventures in climate-positive sectors and across Sub-Saharan Africa.
About Roam
Roam is a technology company that develops, designs and deploys electric vehicles tailored for the African continent, leading the transition to sustainable transport.
Notably, the company was founded in 2017. However, it became the first company to deliver locally produced electric motorcycles and buses.
Currently, it has 200 employees, and it’s the leading provider of electric vehicles in Africa and was recently a finalist in Prince Williams, Earth Shot Prize.